6 月我国官方制造业PMI 50.9%，比上月上升0.3 个百分点。构成制造业PMI 的五大分类指标中，生产指数、新订单指数和供应商配送时间指数均高于临界点，原材料库存指数和从业人员指数均低于临界点。

年初至今，国防军工指数跑赢大盘约6 个百分点，期间最高跑赢大盘14.54%。近年来军工行业估值水平不断回落，目前估值水平约50 倍（PE-TTM，整体法），已回落至2013-2014 年水平。主动偏股型基金持仓比例持续下降至0.61%，为过去25 个季度的最低值，行业整体低配1.04%，连续6 个季度处于低配状态。

General aviation forms a considerable part of any national airspace and airport system. Various factors, such as, pilot availability in a particular country, air traffic management, air transportation infrastructure, and aviation safety, among others, have their impacts on the general aviation market. In the global scenario, the market is influenced by several factors, such as the health of global economy, technology disruption, the price of avgas and jet fuels, regulatory standards, etc. in 2019, the deliveries of fixed-wing aircraft increased, while the deliveries of helicopters reduced. In fixed-wing aircraft, the shipments for both piston engine aircraft and business jets increased, while the shipments of turboprop aircraft decreased, continuing its fluctuating trend in the decade. On a whole, the shipments of turbine-powered fixed wing aircraft increased. The long-term outlook for general aviation, driven by the increase in the overall turbine aircraft activity, remains stable. The fleet of fixed-wing piston engine aircraft is projected to decrease over the forecast period. Unfavorable pilot demographics, overall increasing cost of aircraft ownership, and new aircraft deliveries not keeping up pace with the requirements, among others, are estimated to be the key factors contributing to the decline. However, the active general aviation fleet is projected to remain the same during the forecast period, with the declines in the fixed-wing piston fleet, offset by increases in the turbine, experimental, and light sport fleets. Th electric and light sport aircraft fleet are projected to increase during the forecast period.

Major aircraft OEMs, mainly in the commercial aircraft industry, have emphasized on improving the overall air travel experience, including customer safety and reliability. In addition, fuel efficiency has become an important factor in determining the airline’s choice of aircraft during the purchase decision-making process. In this regard, the focus on the air management systems has become very crucial over the last two decades. Currently, the suppliers of commercial aircraft air management systems are working closely with the aircraft OEMs for the developments of advanced systems, to address the dynamic market requirements. This may also help them to remain as a preferred choice in the market. The aircraft and related subsystems industries are technology driven. The replacement of conventional sensors with the latest sensors, which yield better and accurate results, and the development of robust heat exchangers are helping the production of more efficient air management systems. The introduction of no-bleed systems architecture in Boeing 787 Dreamliner initiated a revolution in the air management systems industry. This system offers better operational efficiencies due to the replacement of traditional pneumatic systems with electrical systems, providing advantage in terms of weight and lifecycle costs. The commercial aircraft industry is the largest procurer of the air management systems, due to a higher requirement for the system, compared to any other end-user industries. This is explained by the presence of larger passenger cabins in the commercial aircraft.

当前，我国疫情防控形势持续向好，防控重点向“外防输入、内防反弹”转变，同时各地加速复产复工，生产生活秩序正在逐步恢复，我国航空装备企业正在加速重返全球航空装备产业链。

据北斗卫星导航官网报道，北斗系统最后一颗组网卫星已运抵西昌卫星发射中心，进入发射准备，并将择机发射，届时北斗全球星座的布局将全面建成。北斗三号实现全球组网后，其定位精度和授时精度将取得大幅提升，下游应用市场料将逐步打开并形成千亿级的市场需求。我们认为“北斗+”的商业模式将为产业链带来较好的发展机遇，重点推荐海格通信。

叐新冠疫情影响，2020Q1航空需求增速出现自2008年以来癿首次负增长。2020年一季度民航需求 （RPK）同比下降53.3%，运力投放（ASK）同比下降42.9%，客座率68.45%，同比下降15.3%。